centerThe company confirmed on Tuesday that the Bellevue, Washington-based expense management software startup has raised $50 million in new funding.
The Series B financing is the undisclosed amount after the seed round financing and the US$7.5 million Series A financing.
Naveen Singh told GeekWire: “The value we provide to a rapidly expanding customer base keeps us alive.” “Over time, we are providing spending management solutions for companies of all sizes in all regions.”
A few years ago, Center launched the next-generation corporate credit card with a built-in touch screen and battery, and launched its expense management solution in February 2020.
Singh said that Center has attracted a new major investor, but he has not provided more information about the investor at this time.
“Our investors, as well as our customers and partners, have shared our vision of how real-time software focused on the expense management market will significantly improve the customer experience and provide better value than current solutions,” Singh said.
Steve Singh and his brother Raj Singh helped launch Concur in 1993. The travel expense giant was sold to SAP in 2014 for $8.3 billion. Center is similar in that it provides employee expense management solutions, but the startup’s target customers are customer employees with 50 to 1,000 employees and a small financial team, which may be trapped by manual, inefficient expense processing tasks Dilemma.
Naveen Singh said that the new cash will be used to continue business development.
The center now has more than 75 employees and is growing rapidly in Bellevue, Minneapolis, and more and more nationwide.